Decreased\ndemand continues to allow the supply of homes for sale to accumulate across the\nMetro Vancouver housing market.<\/p>\n\n\n\n
The\nReal Estate Board of Greater Vancouver (REBGV) reports that residential home\nsales in the region totalled 1,829 in April 2019, a 29.1 per cent decrease from\nthe 2,579 sales recorded in April 2018, and a 5.9 per cent increase from the\n1,727 homes sold in March 2019.<\/p>\n\n\n\n
Last\nmonth\u2019s sales were 43.1 per cent below the 10-year April sales average.<\/p>\n\n\n\n
\u201cGovernment\npolicy continues to hinder home sale activity. The federal government\u2019s\nmortgage stress test has reduced buyers\u2019 purchasing power by about 20 per cent,\nwhich is causing people at the entry-level side of the market to struggle to\nsecure financing,\u201d Ashley Smith, REBGV president said. \u201cSuppressing housing\nactivity through government policy not only reduces home sales, it harms the\njob market, economic growth and creates pent-up demand.\u201d<\/p>\n\n\n\n
There\nwere 5,742 detached, attached and apartment properties newly listed for sale on\nthe Multiple Listing Service\u00ae (MLS\u00ae) in Metro Vancouver in April 2019. This\nrepresents a 1.3 per cent decrease compared to the 5,820 homes listed in April\n2018 and a 16 per cent increase compared to March 2019 when 4,949 homes were\nlisted.<\/p>\n\n\n\n
The\ntotal number of homes currently listed for sale on the MLS\u00ae in Metro Vancouver\nis 14,357, a 46.2 per cent increase compared to April 2018 (9,822) and a 12.4\nper cent increase compared to March 2019 (12,774).<\/p>\n\n\n\n
\u201cThere\nare more homes for sale in our market today than we\u2019ve seen since October 2014.\nThis trend is more about reduced demand than increased supply,\u201d Smith said.\n\u201cThe number of new listings coming on the market each month are consistent with\nour long-term averages. It\u2019s the reduced sales activity that\u2019s allowing\nlistings to accumulate.\u201d<\/p>\n\n\n\n
The\noverall sales-to-active listings ratio for April 2019 is 12.7 per cent. By\nproperty type, the ratio is 9.4 per cent for detached homes, 15.4 per cent for\ntownhomes, and 15.3 per cent for apartments.<\/p>\n\n\n\n
Generally,\nanalysts say downward pressure on home prices occurs when the ratio dips below\n12 per cent for a sustained period, while home prices often experience upward\npressure when it surpasses 20 per cent over several months.<\/p>\n\n\n\n
The\nMLS\u00ae Home Price Index composite benchmark price for all residential properties\nin Metro Vancouver is currently $1,008,400. This represents an 8.5 per cent\ndecrease over April 2018, and a 0.3 per cent decrease compared to March 2019.<\/p>\n\n\n\n
Detached\nhome sales totalled 586 in April 2019, a 27.4 per cent decrease from the 807\ndetached sales in April 2018. The benchmark price for a detached home is\n$1,425,200. This represents an 11.1 per cent decrease from April 2018, a 0.8\nper cent decrease compared to March 2019.<\/p>\n\n\n\n
Apartment\nhome sales totalled 885 in April 2019, a 32.3 per cent decrease compared to the\n1,308 sales in April 2018. The benchmark price of an apartment is $656,900 in\nthe region. This represents a 6.9 per cent decrease from April 2018 and is\nunchanged from March 2019.<\/p>\n\n\n\n
Attached\nhome sales totalled 358 in April 2019, a 22.8 per cent decrease compared to the\n464 sales in April 2018. The benchmark price of an attached home is $783,300.\nThis represents a 7.5 per cent decrease from April 2018 and is unchanged from\nMarch 2019.<\/p>\n","protected":false},"excerpt":{"rendered":"
Decreased demand continues to allow the supply of homes for sale to accumulate across the Metro Vancouver housing market. The Real Estate Board of Greater Vancouver (REBGV) reports that residential … [read more<\/a>]<\/p>\n","protected":false},"author":2,"featured_media":427,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[18,73],"tags":[206,138,276,183,137,4,274,195,3,61],"_links":{"self":[{"href":"https:\/\/www.joshmulherin.com\/blog\/wp-json\/wp\/v2\/posts\/770"}],"collection":[{"href":"https:\/\/www.joshmulherin.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.joshmulherin.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.joshmulherin.com\/blog\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.joshmulherin.com\/blog\/wp-json\/wp\/v2\/comments?post=770"}],"version-history":[{"count":1,"href":"https:\/\/www.joshmulherin.com\/blog\/wp-json\/wp\/v2\/posts\/770\/revisions"}],"predecessor-version":[{"id":771,"href":"https:\/\/www.joshmulherin.com\/blog\/wp-json\/wp\/v2\/posts\/770\/revisions\/771"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.joshmulherin.com\/blog\/wp-json\/wp\/v2\/media\/427"}],"wp:attachment":[{"href":"https:\/\/www.joshmulherin.com\/blog\/wp-json\/wp\/v2\/media?parent=770"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.joshmulherin.com\/blog\/wp-json\/wp\/v2\/categories?post=770"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.joshmulherin.com\/blog\/wp-json\/wp\/v2\/tags?post=770"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}